Onslow Co. purchases a used machine for $288,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations, The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be n December 31, at the end of its fifth year in operations, it is disposed of View transaction list View journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note : = journal entry has been entered O Record the sale of the used machine for $22,500 cash. 2 Record the sale of the used machine for $90,000 cash. 3 Record the insurance settlement received of $33,000 resulting from the total destruction of the machine in a fire. Note : = journal entry has been entered